China Development Bank (CDB) has signed a deal with Russian state bank VEB to provide $1.43bn project financing for the first stage of UC RUSAL’s Taishet aluminium smelter.

In September, VEB’s National Council approved RUB40bn ($1.26bn) project financing for the Taishet aluminium smelter.

Construction of the Taishet smelter, located in the Irkutsk region, started in 2007 and was halted in 2008 due to the global economic and financial crisis.

The first stage of the smelter will have a capacity of 375,000t a year, with the total capacity equal to 750,000t, reports Reuters.